A majority of non-recused, active judges in the 9th U.S. Circuit Court of Appeals ordered the case of Tibble v. Edison International be reheard en banc by the full panel of appellate judges. In its order, the appellate court said the previous decision by a three-judge panel “shall not be cited as precedent by or to any court of the Ninth Circuit.”
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Being in a hands-on, detail-oriented service business, many retirement plan advisers may think they know all there is to know about their plan sponsor clients. However, plan sponsors may not always be forthcoming about reservations they may have or, for that matter, services they appreciate.
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Many of the recent 401(k) plan lawsuit claims evoke an image of a retirement planning industry wholly at odds with the client-centric persona broadcast to plan sponsors and participants every day. If you believe the well-known 401(k) industry litigators, providers are much more concerned about sales and profits than promoting successful outcomes for average Americans.
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Plan participants are regularly coached about the importance of holding only a single target-date fund—and one that is the correct vintage—but that doesn’t mean the same is true for the wider investment lineup.
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